Nvidia rose on all 20 of the S&P 500's 1.5% days since April 2025. On the 21st it fell 3.2%.

$NVDA fell 3.17% on Wednesday while the S&P 500 rose 1.65%, measured by the $SPY fund. Since April 2025 that fund has gained 1.5% or more on 21 days. Nvidia rose on each of the first 20, and its smallest gain on any of them was 1.27%.

The 21st came the day after the midterms, on a session Reuters headlined "Wall Street ends higher after Democrats win Congress; data center stocks tumble". Nvidia lost $158 billion of market value on the day.

The tech fund stood still

The $XLK technology fund closed down 0.01%. On the 20 earlier days it had never risen less than 1.36%.

The money moved inside the sector rather than out of it. $MSFT rose 6.68% and $AAPL 5.31%, adding about $259 billion and $256 billion. Nvidia, $MU (down 7.0%) and $DELL (down 8.8%) took most of that back. On the site's S&P 500 map, technology finished up 0.47%, while seven other sectors rose between 2.9% and 3.9%.

Power stocks took the same turn

Power producers and equipment makers fell harder. $VST dropped 13.83%, its worst day in the 19 months of daily prices the site holds. $NRG fell 13.52% and $GEV 9.30%.